Ex officio: Hilda E. Ford, Secretary of Personnel;
Joseph L. Shilling, State Superintendent of Schools;
Charles L. Benton, Jr., Secretary of Budget &Fiscal
Planning; Col. Elmer H. Tippett, Superintendent,
Maryland State Police.

Bennett H. Shaver, Secretary

301 W Preston St.
Baltimore, MD 21201 225-4030
toll free: 1-800-492-5909

77 West St.
Annapolis, MD 21401 974-3171

Budget (Code 26.10.01)
FY19898 Total Appropriation $10,339,361
Special Funds.....................................$10,339,361
FY1989 Total Authorized Positions................102

Annual Consolidated Report on fiscal transactions,
accumulated cash and securities, & actuarial valuation
of assets and liabilities to be published.

Annual Report of Investment Division to Board of
Trustees for Maryland State Retirement & Pension
Systems (to include data on commissions paid by Divi-
sion) due Sept. 15.

BOARD OF TRUSTEES

INVESTMENT COMMITTEE
Chairperson: Alfred D. Johnson, Jr.

Appointed by Board of Trustees from Board of
Trustees members: Richard J. Benik; Arthur N.
Caple, Jr.; Frank P. Casula; Georgia H. Emory;
Louis L. Goldstein; Carl D. Lancaster; Lucille
Maurer. Terms expire 1989.

Appointed by Board of Trustees with Board of
Public Works' approval: not yet appointed

MARYLAND STATE RETIREMENT
AGENCY

Bennett H. Shaver, Executive Director
(appointed by Board of Trustees) .... 225-4030

CHIEF FINANCIAL OFFICER
Leslie Campbell...............................225-4030

GENERAL COUNSEL
Carol S. Sugar.................................225-4036

LEGISLATIVE PROGRAMS & RESEARCH
J. Howard Pleines...........................225-4030

RETIREMENT ADMINISTRATOR
Margaret Bury.................................225-4030

MEMBER RELATIONS & COUNSELING
Richard Gawrych.......................225-4030

BENEFITS PROCESSING
Vacancy......................................225-4030

OFFICE SERVICES
Florence Bukosky.......................225-4030

Independent Agencies/475

SYSTEMS & CONTROL
Charles E. Herr..........................225-4030

INVESTMENT DIVISION
Howard J. France, Chief Investment Officer
(appointed by Board of Trustees upon
recommendation of Executive Director)
.................................................. 225-1020

ACTIVELY MANAGED INVESTMENTS
Arthur M. Lynch, Director.........225-1020

PASSIVELY MANAGED INVESTMENTS
Lawrence J. Bach, Director........225-1020

CASH MANAGEMENT
Victoria Willard..........................225-1020

The Board of Trustees for Maryland State Re-
tirement and Pension Systems was created in 1982
(Chapter 506, Acts of 1982). Under one Board of
Trustees, the Maryland State Retirement and Pen-
sion Systems consolidates the Pension System for
Employees of the State of Maryland and the
Employees' Retirement System, the Pension Sys-
tem for Teachers of the State of Maryland and the
Teachers' Retirement System, and the State Police
Retirement System.

The Board of Trustees establishes rules and reg-
ulations for the administration of the several pen-
sion systems and for the management of pension
funds. The Board designates one or more medical
boards to arrange and evaluate all medical exami-
nations required under the laws of the several pen-
sion systems and to investigate all applications for
disability retirement. The medical boards are each
composed of three physicians ineligible to partici-
pate in these pension systems. The Board also des-
ignates an actuary as technical adviser to the Board
on matters concerning the operation of the pension
funds in the system.

Annually, the Board ofTrustees publishes a con-
solidated report showing the transactions of each
pension system for the preceding fiscal year, the
accumulated assets of each, and an actuarial valua-
tion of assets and liabilities. The Board also provides
each member and beneficiary with a summary of the
information in the annual report and the
individual's vested benefits.

The Board ofTrustees consists of fifteen mem-
bers. Six serve ex officio and nine are elected or
appointed members. Two trustees represent each of
the State retirement funds; one represents the in-
terests of local governments participating in the
Employees' Retirement System and the Pension
System for Employees of the State of Maryland;
and two represent the public. Trustees representing
the Employees' and Teachers' Systems are elected
by the members and beneficiaries of their respective
systems. The trustees representing the State Police
Retirement System are appointed by the Board of